Noble Financial Keeps Evoke Pharma (EVOK) at 'Hold' Following Q2 Numbers; Still Awaiting Development Plans
- Oil rallies over $50 despite OPEC output cut doubts
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- Universal Health (UHS) Disputes and Denies Conclusions in BuzzFeed Article
- Perrigo (PRGO) to Restructure BCH Omega Pharma Belgium Business; Will Terminate EuroGenerics Agreement
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Noble Financial affirms Evoke Pharma (Nasdaq: EVOK) with a Hold rating following Q2 results issued Monday night.
Analyst Nathan Cali noted the following on Tuesday:
- Operational costs incrementally lower. August 15th, 2016, reported second quarter financial results; no revenues as expected; SG&A $802,655 slightly lower than our $1.1 million estimate, decreasing full year SG&A expense estimate from $4.4 million to $4.1 million
- R&D spend lower on trial completion. R&D expenses of $2.1 million, higher than our $1.7 million estimate due to Phase III Gimoti® trial completion; maintain full year R&D estimates of $6.1 million
- Primary endpoint missed, quarter blemished. Phase III top-line data was inconsistent with prior, statistically significant Phase IIb results; 28 of 41 site locations displayed a week 4 p-value of p=0.006 for the Gimoti® group; however, 13 site locations displayed a week 4 pvalue of p=0.002 for the placebo group (placebo better than Gimoti® group in symptom reduction)
- Company currently in talks with FDA on how to proceed with future advancements towards potential FDA approval; analysis ongoing of data from Phase III Gimoti trial
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mizuho Securities Upgrades Tailored Brands (TLRD) to Buy
- UPDATE: Seaport Global Securities Starts Owens Corning (OC) at Buy
- Wedbush Raises Price Target on Francesca's (FRAN) Following 3Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesNoble Financial, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!